El-Salvador To Raise $1 Billion To Construct “Bitcoin City”


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El Salvador is moving forward with plans to issue bitcoin-backed bonds, as the country’s national assembly is considering a draft bill to regulate digital securities.

Maria Luisa Hayem Breve, the nation’s minister of economy, delivered the measure to the Legislative Assembly of El Salvador. The proposed legislation would create a National Digital Assets Commission to supervise the licensing of companies that create digital assets as well as other parties participating in the “public offering process” of digital securities.

If adopted, the new regulations call for the establishment of a Bitcoin Fund Management Agency that will be in charge of managing, protecting, and investing “funds from public offerings of digital assets carried out by the State of El Salvador and its autonomous institutions,” as well as any returns from these offerings.